Loan management software firm Turnkey lender sells its SAAS platform for underwriting and servicing loans worldwide. Their software works with auto loan markets in alternative loan, payday loans or peer-to-peer loan here in the United States and other countries. I took a look at their platform for peer-to-peer lending and alternative lending and liked what I saw. Their software is excellent. Most of the development team is in Ukraine. I received a demo from Vitaly Arnautov, the product manager of Turnkey.
When a borrower is ready to apply for a loan, there are 3 different ways they can interact with the Turnkey Lender software, which are customizable by the lender.
- A redirect from the lender’s website to Turnkey to complete the application, which Vitaly says is their US lender clients’ preferred method so far
- An Open API call for the borrower to stay on the lender’s site
- A combination of the two
While most Americans prefer redirect, I suspect that the API option where borrowers stay on the website and the API does its job will become the most popular over time.
The basic offer
Turnkey offers a complete package from inception to collection and termination of the loan. With their collateral, service and collection modules, they are configured to work with market lenders or balance sheet lenders. Like most SAAS players in our industry, you can also choose any parts you want. Then you can integrate them into the rest of your borrowing process, so if you like your own underwriting, keep it and build it into the turnkey collection process, etc. The offer is divided into 9 sections (and the last 4 come with any purchase of a module):
What I like most is the simple layout of each section.
This view of the Collections tab shows just how simple the site interface is. It’s not crowded. Each module is alike. Bottom left, all users at this point in the loan, at this point the collections, are in view.
This screenshot shows 2 borrowers in the collections where the large right side has all the detailed information which includes the information that was used as the basis for the loan approval. A “next action date” will appear in Turnkey or in your CRM system where you can set up tasks for yourself for follow-up. This is especially good in collections where a few days late is an email or a friendly call, but then things get more and more aggressive as the number of late days increases. Turnkey also includes templates for these contacts if you wish.
I also like that from this front screen, in blue (right), I can see the action plan, payments, interaction history and loan documents. These are all important details to have on hand in a collections storyline, but not all of them are necessary up front on screen at the same time. It is well organized.
This is a screenshot from Underwriting.
Turnkey has its own credit scoring system that you can use or adapt to your needs or not use at all. I like the visual aspect of this, as well as the comments and the Rule Engine part. The Rules Engine allows you to define your own specific rules at any time or over a short period of time to test the effectiveness of some of your data points for your subscription. For example, you can ask the rules engine to comment on current employment status of less than 2 years old and measure it in the system to see how it behaves compared to those who have been in the job longer.
I also like the blacklist feature, where not only can you keep this list accessible by clicking on the fraud protection button as 3 independent borrowers using the same home address, but you can also add it manually and the system remembers it. As in Collections, you click on the blue captions for various data points like the credit bureau or to generate, view and send the loan documents.
Peer to peer lending platforms will appreciate the fact that Turnkey is set up for conventional financing as well as Dutch reverse auction financing where investors can offer different rates that they are willing to accept to lend their money.
Integrations are important to help maintenance software work with other software in use. Turnkey Lender integrations for the US version include:
- TransUnion for withdrawing credits
- Paypal & Authorize.net for payments, ACH or disbursements
- Adobe e-sign and SignNow for electronic signatures, bulk SMS and
- Mandrill or Mailchimp for email integration.
Turnkey Lender is in a crowded space with SAAS software to help conventional and online lenders. Although few reviews so far, Turnkey gets good marks from the reviews on Capterra who use their software in their lending activities. Their simple and streamlined layout, organized modules, CRM-related activities in the system for tracking as well as coordination with your own CRM system, and manual checks and balances that allow rejection of an application that goes through The system that shouldn’t have is why I would recommend Turnkey to lenders, especially in the consumer loan market with high interest below 36%.